The Blog

5 Essential Traits of Successful Business Owners

By Miranda Marquit

Perhaps you want to grow it into a business that generates enough revenue to allow you to quit your “real” job.

Maybe you just want it to be sustainable enough to provide you with a few hundred extra bucks each month.

Whatever your goals, the reality is that you are a business owner. In order to reach those goals, you need to cultivate the traits of a successful business owner.

Here are some of the characteristics you should have — or develop — if you want to take your place among the successful business owners you admire:

1. Self-Discipline

One of the most important traits you can develop is self-discipline.

Successful business owners know that they need to get themselves going. No one else is going to take care of business for them. They have to figure out when to work, how much to work, and what their goals are.

Sometimes, it means doing things you don’t want to do, or working when you’d rather be sleeping.

I know that sometimes it’s hard for me to face the email inbox. I don’t always tackle it like I should. When I don’t force myself into it, though, I miss out on opportunities.

Practice self-discipline and you are more likely to succeed in the long run.

2. Passion

Do you have a passion for what you’re doing? Many successful business owners have a passion and purpose.

I’m a freelance writer. Over time, I’ve discovered that my passion is writing information that helps others. When I feel my passion lagging, all I have to do is read email from readers who have been helped or learned something from what I’ve written.

The passion returns.

Think about what you hope to accomplish with your business — beyond making money. When you find that “why” and that passion, you are more likely to be successful in the long run.

3. Resilience

Successful business owners have grit. They are resilient. They work through setbacks to come back on top.

We all make mistakes. We all run into patches of bad luck. We all end up where we don’t want to be at some point.

In order to be successful over the long haul, though, you need to have grit and resilience. You need to stick to it. Look for ways to overcome your problems or even pivot.

Overnight success takes a long time. We hear about these stories as though they just happened. The reality is that most people hustle for a long time before they see the big results.

If you can stick through the rough times, you are more likely to come out on top and your business will likely be a success.

4. Open Mind

Don’t forget to be open to new ideas and opportunities.

A few years ago, I was dead-set against any idea of doing anything other than writing. I turned down brand ambassadorship opportunities and other chances to do new things.

Later, I realized my mistake. I started doing a little more consulting and coaching. Those things aren’t the core of my business, and I don’t do them much, but I am open to them. I’ve had good financial success when I let those alternatives into my business and my life.

Don’t get so caught up in how you do things now that you miss out on chances to take your business and grow in new directions. Be open to new ideas, constructive feedback, and new opportunities. You might be surprised to see how much you can accomplish.

5. Money-Minded

Many successful business owners aren’t just about the money. But let’s face it: you have to know how to handle money if you don’t want to end up failing big time.

Finances are a big part of any business. You have to have an idea of how to manage money in order to keep things afloat.

Read up on budgeting, accounting, and other related subjects. If you need help, consult with a financial planner, business manager, and/or tax professional. Get some basic ideas of how to manage your money effectively.

Once you cultivate the right traits, you will be able to move forward with your business, improving your chances of success and building a company or side hustle that can stand the test of time.